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Under the terms of the agreement, the new joint venture will concentrate on the service and marketing of power delivery products to benefit the burgeoning Indonesian power generation and oil and gas markets. AETI's Singapore joint venture, M&I Electric Far East (MIEFE), has a 45 percent ownership interest in the new joint venture, which will be managed by Bernard Chia who has 15 years of management, sales and marketing experience in the oil and gas industry in Indonesia. AETI owns a 49 percent interest in MIEFE.
AETI also entered into an agreement to provide custom-designed M&I Electric power delivery system components to Chevron Geothermal Indonesia. The Darajat power plant is operated by Chevron's subsidiary, Chevron Geothermal Indonesia, Ltd. Chevron is the world's leading geothermal energy company. Financial terms were not disclosed.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss.
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